HUTCHMED continues its transition from a development stage company into a global commercial organisation. Two products are now marketed successfully by the China Oncology/Immunology sales platform, with a third by a partner. These assets are in late-stage development ex-China, with several global pivotal studies underway and potential to complete first registration filings across multiple regions in 2023, followed by first launch in 2024. A second development wave, focused on haem-oncology products, is embarking on registration studies. Four new assets recently entered the clinic, highlighting the discovery engine’s productivity. The sector-wide sell down, coupled with China-related concerns, plus the recent surufatinib setback, means H122 cash of $826.2m and stakes in two profitable China subsidiaries/ JVs together underpin c 70% of current market cap. We value HUTCHMED at $5.51bn / £4.59bn / HK$43.08bn ($31.89/ADS or 531p/HK$49.83 per share).
01 Sep 2022
HUTCHMED: On the right track
Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
HUTCHMED: On the right track
AstraZeneca PLC (AZN:LON), 10,953 | CK Hutchison Holdings Ltd (1:HKG), 0 | Eli Lilly and Company (LLY:NYS), 0 | HUTCHMED (China) Limited Sponsored ADR (HCM:NAS), 0 | Ipsen SA (IPN:PAR), 0 | Eli Lilly and Company (0Q1G:LON), 0 | Ipsen SA (0MH6:LON), 0
- Published:
01 Sep 2022 -
Author:
Franc Gregori | Lala Gregorek | Philippa Gardner -
Pages:
22
HUTCHMED continues its transition from a development stage company into a global commercial organisation. Two products are now marketed successfully by the China Oncology/Immunology sales platform, with a third by a partner. These assets are in late-stage development ex-China, with several global pivotal studies underway and potential to complete first registration filings across multiple regions in 2023, followed by first launch in 2024. A second development wave, focused on haem-oncology products, is embarking on registration studies. Four new assets recently entered the clinic, highlighting the discovery engine’s productivity. The sector-wide sell down, coupled with China-related concerns, plus the recent surufatinib setback, means H122 cash of $826.2m and stakes in two profitable China subsidiaries/ JVs together underpin c 70% of current market cap. We value HUTCHMED at $5.51bn / £4.59bn / HK$43.08bn ($31.89/ADS or 531p/HK$49.83 per share).